Price of poker going up for some events

The 2008 World Series of Poker will offer eight separate $10,000 buy-in events when the tournament's 39th edition begins at the end of May, a move that could significantly increase the prize pool of what already is considered gambling's most lucrative poker game.

In announcing the 55-event schedule, Harrah's Entertainment officials said the tournament, which is played at the Rio, continues to evolve, attracting both low-limit amateur players and high-limit professional standouts.

"We've mixed it up a bit to keep it interesting for our players and fans," said Jeffrey Pollack, a Harrah's vice president who serves as commissioner of the World Series of Poker.

Last year, the 55-event tournament drew a record 54,288 entries. The total prize pool was a record $159.8 million, which is funded by player entry fees. Harrah's collects a percentage of the entry fees, depending upon the size of the buy-in. For $10,000 buy-in events, Harrah's will take a 6 percent rake.

World Series of Poker communication's director Gary Thompson said the change was done to create additional world championship events in specialized poker games. Also, professional poker standouts wanted more events geared toward their level of play.

"I suspect we'll see smaller, more elite fields," Thompson said. "We wanted the buy-ins that were commensurate with a world championship title, and that's why we settled on $10,000."

Thompson said he didn't want to predict how the new high buy-in games would affect the field, but added there were other events for lower-limit players that could attract large fields.

Poker professional Robert Williamson III said he's viewing the added $10,000 buy-in events as a championship series. The smaller fields in the specialty events means the field will be some the game's best players.

"How we distinguish ourselves as players is based on how many World Series of Poker championship bracelets we win," Williamson said. "To win, a player is going to have to plough through some of the toughest fields of all time. It will be exciting for the audience."

Thompson said Harrah's didn't want to change the buy-in for the traditional, $10,000 no-limit Texas hold 'em world championship event, the traditional finale for the World Series of Poker. He still expects a large field for that event, which begins July 3 and ends with the final table on July 16.

"Obviously, $10,000 is not what it was 30 years ago," Thompson said. "Maybe the main event will change down the road."

Last year's main event drew 6,358 entrants who competed for a prize pool of $59.8 million. Jerry Yang of Temecula, Calif., won the world championship and collected $8.25 million.

The 2008 World Series of Poker will start May 30 with the $10,000 buy-in world championship of pot-limit hold 'em.

In addition to the main world championship event, the six other $10,000 buy-ins will be a heads-up no-limit hold 'em; seven-card stud; limit hold 'em; Omaha hi-low split eight or better; pot-limit Omaha; and a new mixed event. The mixed event will feature eight variations of poker: limit and no-limit hold 'em; Omaha hi-low and pot-limit Omaha; seven-card stud; razz; seven-card hi-low split; and 2-7 triple draw lowball.

The 2008 World Series of Poker will also include a $50,000 buy-in H.O.R.S.E. event, where players compete in five different alternating poker games over a five-day period.

Harrah's purchased the World Series of Poker in 2004 from the Binion family, moving the event in 2005 to the Rio away from the tournament's original home at Binion's in downtown Las Vegas.

Since then, Harrah's has greatly expanded the tournament, adding events and bringing the tournament to a worldwide audience through ESPN telecasts and lucrative sponsorship deals.

Longtime gaming observers weren't surprised the tournament has moved further away from its days inside the smoky Binion's poker room, where a handful of professionals battled it out in just a few events.

"It might bother some of the poker purists who want them to bring it back to Binion's, but these are the same folks who want the old Las Vegas to come back," said Anthony Curtis, publisher of the Las Vegas Advisor. "Harrah's bought the tournament to capitalize and maximize the brand and that's what they are doing. It doesn't both me at all."

David G. Schwartz, director of University of Nevada, Las Vegas' Gaming Studies Research Center, said the $10,000 buy-in for the main event may increase the next time around.

"The tournament has and will continue to evolve, which is not a bad thing," Schwartz said.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or (702) 477-3871.